Tuesday, Oct 26, 2004
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By Our Staff Correspondent
MUMBAI, OCT. 25. Although Larsen & Toubro (L&T) has announced a higher net profit for the quarter ended September 30, 2004 at Rs 371.98 crores against Rs. 81.26 crores in the same period of the previous year, the jump is on account of a gain of Rs. 353 crores on the sale of 1.05 crore shares of Ultra Tech CemCo (representing 8.5 per cent of the company's share capital) to Grasim Industries and its subsidiary for the demerger of the cement business. Excluding this gain, the net profit would amount to Rs. 92 crores for the quarter. The company's net sales for the period were at Rs. 2,964.31 crores (Rs. 2,057.34 crores). The board of directors has declared a special one-time dividend of Rs. 10 per equity share of Rs. 2 each. During the quarter, the Engineering & Construction division booked new orders amounting to Rs. 2,459 crores (Rs. 3,213 crores). The company has attributed delayed decisions on capital expenditure programmes in the core and infrastructure sectors and the changes in policy environment which have resulted in fewer domestic opportunities during the period. Export orders amounted to Rs. 426 crores. The segment's gross revenues for the quarter at Rs. 2,560 crores have grown 48 per cent. In the Electrical & Electronics segment, gross revenues were Rs. 301 crores (Rs. 253 crores). The switchgear standard products business saw an improvement in demand leading to higher offtake and realisations. For the half year ended September 2004, L&T's net profit was at Rs. 452.11 crores (Rs. 144.79 crores) on net sales of Rs. 5,604.04 crores (Rs. 3,660.78 crores). For the full year, the company expects E&C revenues to show an increase of 20-25 per cent and the operating margin in the second half of the year is expected to be significantly higher than the first half.
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